Property, Plant and Equipment

12 Months Ended

Jun. 30, 2015

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

Property, plant and equipment consists of the following:

June 30,	2015			2014
($000)
Land and land improvements	$	4,566		$	2,381
Buildings and improvements		91,171			96,551
Machinery and equipment		366,560			335,408
Construction in progress		17,749			16,990
		480,046			451,330
Less accumulated depreciation		(276,234	)		(242,391	)
	$	203,812		$	208,939

During the quarter ended March 31, 2015, as part of the Company’s ongoing restructuring of its military related businesses in the II-VI Performance Products segment, the Company implemented a plan to sell one of its manufacturing facilities located in New Port Richey, Florida. The Company anticipates completing the sale within the next twelve months, and has reclassified the carrying value of the land and building of approximately $1.2 million as assets held for sale and has included the carrying value in Prepaid and other current assets in the Consolidated Balance Sheets at June 30, 2015.

Depreciation expense was $41.1 million, $41.8 million and $34.1 million for the fiscal years ended June 30, 2015, 2014 and 2013, respectively.

Included in the cost and accumulated depreciation of property, plant and equipment is the effect of foreign currency translation on the portion relating to the Company’s foreign subsidiaries.